Judgment

WANCHOO, J.: This is an appeal on a certificate granted by the Madras High Court. The appellant Company had been carrying on various classes of insurance business other than life insurance after its incorporation in September 1941. On October 15, 1956, an extraordinary general meeting of the shareholders of the Company passed a resolution by which all its insurance business was to cease forthwith and no further policies of insurance of any kind were to be issued thereafter, It was also resolved that no application should be made for renewal of the certificate granted under S. 3 of the Insurance Act No. IV of 1938, (hereinafter called the Act) and that thenceforward the Company should only carry on the business of money-leading as a loan-company and also to do investment business. In consequence of these resolutions, the Company informed the Controller of Insurance in December 1956 that it was not applying for renewal of its registration for carrying on the business of insurance. In May 1957, the Controller wrote to the Company that its certificates for carrying on insurance business would be deemed to be cancelled from July 1, 1957, and the cancellation was notified in the